Bank of New York Mellon Corp Sells 376,353 Shares of ArcelorMittal $MT

Bank of New York Mellon Corp reduced its stake in ArcelorMittal (NYSE:MT) by 25.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,104,401 shares of the basic materials company’s stock after selling 376,353 shares during the quarter. Bank of New York Mellon Corp’s holdings in ArcelorMittal were worth $57,407,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MT. ABC Arbitrage SA bought a new position in shares of ArcelorMittal in the first quarter valued at approximately $3,819,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in ArcelorMittal by 11.3% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 5,769 shares of the basic materials company’s stock valued at $300,000 after buying an additional 587 shares during the last quarter. Darwin Wealth Management LLC raised its holdings in ArcelorMittal by 9.7% in the 1st quarter. Darwin Wealth Management LLC now owns 27,093 shares of the basic materials company’s stock worth $1,408,000 after acquiring an additional 2,387 shares during the period. Sequoia Financial Advisors LLC raised its holdings in ArcelorMittal by 13.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 21,413 shares of the basic materials company’s stock worth $1,113,000 after acquiring an additional 2,607 shares during the period. Finally, Jackson Thornton Wealth Management LLC acquired a new stake in shares of ArcelorMittal in the first quarter valued at about $260,000. Institutional investors own 9.29% of the company’s stock.

ArcelorMittal Stock Performance

Shares of NYSE:MT opened at $66.10 on Friday. The firm’s 50 day simple moving average is $65.38 and its 200 day simple moving average is $59.86. ArcelorMittal has a fifty-two week low of $30.17 and a fifty-two week high of $72.50. The company has a market capitalization of $51.23 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 0.51 and a beta of 1.55. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.54.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The firm had revenue of $15.46 billion during the quarter, compared to analysts’ expectations of $17.04 billion. During the same quarter in the previous year, the company earned $1.05 earnings per share. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, sell-side analysts forecast that ArcelorMittal will post 4.89 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MT. Wells Fargo & Company raised their target price on ArcelorMittal from $61.00 to $62.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. raised shares of ArcelorMittal from an “underweight” rating to a “neutral” rating in a report on Friday, July 10th. Santander lowered ArcelorMittal from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 21st. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, May 20th. Finally, Weiss Ratings raised shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.40.

ArcelorMittal Profile

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.